Oil is poised for a fourth weekly decline as the unexpected halt in Saudi shipments via a Red Sea waterway was seen as short-lived, while concerns lingered over how the U.S.-China trade spat will affect demand.

Brent crude led oil prices higher on Thursday, extending gains into a third day after Saudi Arabia suspended crude shipments through a strategic Red Sea shipping lane and as data showed U.S. inventories fell to a 3-1/2 year low. ›

Oil prices edged higher for a second day on Wednesday after data showed U.S. crude inventories fell more than expected last week, easing worries about oversupply that have dragged on markets in recent sessions. ›